CODE OF ETHICS

Each member of the Society, for the benefit of the Society and its members, agrees to abide by and conform to the following Code of Ethics which is comprised of the following Articles: (11/01)

CODE OF ETHICS - ARTICLE 1

The member shall cooperate with the Society, its officers, and committees on all matters involving the Society in its relationship with its members, other professions, and the public and shall cooperate in the enforcement of this Code of Ethics and Standards of Professional Practice. (11/01)

It is a member's duty to expose within the Society's ranks, without fear or favor, corrupt or dishonest conduct on the part of any member. A member shall strive at all times to uphold the honor and maintain the dignity of the professions. A member's personal and professional conduct shall uphold the laws of the land and promote honor, dignity and respect from peers and the public. (11/01)

It is unethical for a member to act in a manner that is unprofessional, unethical, misleading or fraudulent or to use or permit the use of misleading information. (11/01)

It is unethical for a member to knowingly submit false or misleading information in answer to a request by an officer or committee of the Society acting in the interest of the Society. (11/01)

It is unethical, when responding to inquiries of a duly authorized Appraisal Review Committee or a member thereof, to knowingly submit false or misleading information, or to refrain from submitting information which is relevant to the appraisal review process of the member's appraisal report. It is unethical to injure or attempt to injure, falsely or maliciously, directly or indirectly, the professional reputation or business prospects of another member. (11/01)

CODE OF ETHICS - ARTICLE 2

The member shall obtain assignments, prepare reports and accept compensation in accordance with the provisions of this Code of Ethics and the Standards of Professional Practice. (11/01)

A member shall always respect the rights of fellow members when negotiating for professional work or advancement. The member may use all honorable means in competition for an assignment. (11/01)

CODE OF ETHICS - ARTICLE 3

The member shall render professional services without fear, favor, partiality or the accommodations of the member's own interests. (11/01)

CODE OF ETHICS - ARTICLE 4

The member shall perform functions in conformity with the standards of the Society at all times. The member shall accept only those assignments for which a member has adequate time, facilities and technical ability. Where technical ability is deficient for a portion of the assignment, the member shall associate with a person who possesses the required technical ability upon acceptance of the assignment. (11/01)

CODE OF ETHICS - ARTICLE 5

The member shall not violate the confidential nature of the client relationship by improperly disclosing confidential information or portions of a report to unauthorized persons or entities. (11/01)

CODE OF ETHICS - ARTICLE 6

The member shall not represent conflicting interests, except by express written consent of all concerned, given after full disclosure in writing of the facts constituting the conflicting interests. (11/01)

CODE OF ETHICS - ARTICLE 7

The member shall not accept employment without first disclosing all previous and present relationships and current or contemplated interests with the property, case or purpose of the employment. (11/01)

CODE OF ETHICS - ARTICLE 8

The member shall not use advertising on behalf of the member, the member's firm or those associated with the member which tends to be misleading, or contains false, fraudulent, deceptive or unfair statements or claims. Any publications shall be presented in a dignified form which shall not be demeaning to the Society or its members. It is unethical to engage in conduct, either directly or through the actions of another, which circumvents the Code of Ethics or the Standards of Professional Practice, adversely reflects on an individual's fitness to practice the professions. (11/01)

CODE OF ETHICS - ARTICLE 9

It is unethical for a member of the Society to operate or conduct business in violation of the local, state or provincial, or federal law(s) specifically applicable to practice of that business or profession. (11/01)

It is unethical for a member to counsel or assist a client or employer in conduct that the member knows to be illegal or fraudulent. (11/01)

CODE OF ETHICS - ARTICLE 10

It is unethical for a member to claim or state professional qualifications which are not possessed or which may be subject to erroneous interpretation. (11/01)

CODE OF ETHICS - ARTICLE 11

All client funds paid to a member or the member's firm, other than advances for costs and expenses, shall be deposited in one or more identifiable bank accounts maintained in the state in which the member's office is situated, or as directed and approved by the client in accordance with state laws, and no funds belonging to the member or the member's firm shall be deposited therein except as follows: (11/01)

1. Funds reasonable and sufficient to pay bank service charges may be deposited therein. (11/01)
2. Funds belonging, in part, to a client and, in part, presently or potentially to the member or the member's firm, must be deposited therein, but the portion belonging to the member or the member's firm may be withdrawn when due, unless the right of the member or the member's firm to receive it is disputed by the client. In that event the disputed portion shall not be withdrawn until the dispute is finally resolved. A member shall: (11/01)
   1. Promptly notify the client of the receipt of client funds, securities or other properties. (11/01)
   2. Identify and label securities, properties and other documents of the client upon receipt and place them in a safety deposit box or other place of safe keeping as soon as practicable. (11/01)
   3. Maintain complete records of all funds, securities or other property of a client coming into the member's possession and render appropriate accounts to his client regarding them. (11/01)
   4. Promptly pay or deliver to the client, as requested by the client, the funds, securities or other properties in the possession of the member which the client is entitled to receive. (11/01)

CODE OF ETHICS - ARTICLE 12

It is unethical to accept employment or enter into a member-client relationship for which: (11/01)

1. The service fee is contingent upon the reporting of pre-determined findings or a specific amount of value. (11/01)
2. The fee includes a bonus, favor or other special inducement, offered directly or indirectly, which may actually or through implication indicate that the member's opinions or conclusions have been affected by the amount of fee to be received. (11/01)
3. Contingency fees (generally where the fee is set by a percentage or ratio of the value opinion) shall not be entered into in appraisal situations. Contingency fees in management and other service areas may be abused, and should be avoided. (11/01)
4. It is unethical to charge for professional services a fee which is not related to the services performed. In determining the amount of remuneration to be charged as a fee, a member should consider: (11/01)
   1. The time, labor, skill and training required to properly discharge the assignment. (11/01)
   2. The customary charge of competent appraisers, managers and other professionals for similar work. (11/01)
   3. The value of the property and the benefits resulting from the use of the services of a member. (11/01)
   4. The extent of the employment, whether casual or for a long period. (11/01)
   5. The time limitations imposed by the client or by the circumstances. (11/01)
   6. Any physical factors of the property involved and its location in relation to the office of the member. (11/01)
   7. The likelihood that the acceptance of the particular employment will preclude other employment by the member. (11/01)
   8. The experience, reputation and ability of the member performing the services. (11/01)
5. It is unethical for a member to receive compensation or favors, in connection with the services, products or equipment to be provided to the client from a party, entity or person, other than the client, without the consent of the client. (11/01)
6. It is unethical for a member, in dealing with the client's property, to give any favors or benefits to another at the expense of the client without the client receiving full value or without the consent of the client. (11/01)

CODE OF ETHICS - ARTICLE 13

It is unethical for a member to reveal the contents of reports or factual data concerning the subject property which has been compiled in connection with a client's business or has been provided by a client, which is not of public record or of common public knowledge, unless prior to the release thereof, the member shall obtain from the client written permission to release the information, or is directed by court or the Society to divulge the information. (11/01)

It is unethical for a member not to furnish copies, when legally required to under law, contract or by a court, of all business records and appropriate related file in his/her possession specifically relating to work undertaken by the member for a client upon request by said client. (11/01)

CODE OF ETHICS - ARTICLE 14

All Society members who testify as an expert and give an opinion before a tribunal where another member testifies for the opposing party are required to file a case report with the Society office within 30 days after date of testimony. A tribunal is a body or individual who renders a final decision. Depositions are not final decisions. (11/01)

CODE OF ETHICS - ARTICLE 15

If requested, copies of appraisals, farm and ranch management reports and supporting documents shall be made available to the Appraisal Review Committee or Ethics Committee of the Society in accordance with the provisions of the Code of Ethics and Standards of Professional Practice when required for the purposes of investigating a complaint or for the review of court litigation in which the member testified. Any requested report or document shall be submitted within 30 days of the request. (11/01)